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EURUSD: Bullish Above The 1.4844 level - Having opened the week on bullish momentum following its decisive break through its Oct 27’09 high on Monday, threats..
USDJPY: Further Downside Expected - Although the pair continues to hesitate trading flat on Monday, as long as it holds below its Nov 04’09 high and trades within its falling channel, …
EURUSD
EURUSD: Bullish Above The 1.4844 level
EURUSD - Having opened the week on bullish momentum following its decisive break through its Oct 27’09 high on Monday, threats of further gains continue to be seen towards the 1.5000 level. Though seen hesitating in early trading today, while the 1.4926 level or even the 1.4844 level remains unbroken, we expect the pair to head further higher.
Beyond the 1.5000 level will highlight its YTD high at 1.5062 with a loss of there resuming its medium term uptrend towards the 1.5082 level, its Aug 10’08 high and then its 1.5283 level, its May 04’08 low. Its daily studies are bullish and pointing higher supporting this view. Supports are seen at the 1.4926 level and the 1.4844 level with a clean break of the latter bringing further downside losses towards the 1.4660 level where its LT rising trendlineis located. A cap is expected there if tested but if it snaps the 1.4625 level, its Nov 03’09 low will be targeted. On the whole, having held firmly above the 1.4844 level, further upside is expected nearer term.
USDJPY
USDJPY: Further Downside Expected.
USDJPY - Although the pair continues to hesitate trading flat on Monday, as long as it holds below its Nov 04’09 high and trades within its falling channel, we retain our bearish short term view on USDJPY. In such a case, the 88.82 level, its Oct 14’09 and its Oct 07’09 low at 88.00 are seen as the next downside objectives with a loss of the latter putting the pair on the path towards its Jan’09 low at 87.10. Its weekly and daily stochasticscontinue to validate this view as they are pointing lower. To avert this risk, the pair must break above the 91.31 level and then its channel resistance at 92.01. Further out, the 92.27 level, its Oct 27’09 high comes in as the next upside. On the whole, while USDJPY remains trapped in its falling channel, odds remain for downside weakness to be seen
